GDP Q2 2007

--real GDP (QoQ, annualized) 3.4% first release , strong rebound due to exports, commercial construction, and government spending. Q1 is revised to 0.6% --real GDP (YoY, annualized) is 1.8% vs 1.5% is Q1 --Exports is strong because world economic growth is racing along and dollar is cheap. --Spending on commercial construction projects rose at thefastest pace in 13 years, helping to overcome another drop inhomebuilding. --Factories ramped up production to fill orders fromEurope and Asia that made up for a slowdown in consumer spending. --Fed's preferred inflation guage, core PCE (ex food and energy) QoQ, dropped to 1.4% from 2.4% in the Q1.